Bikaji Foods International, an ethnic snacks company, reported an impressive 57.14% growth in consolidated net profit for the fourth quarter (Q4) ending on March 31, 2023. According to a filing with the BSE, their net profit reached INR 38.28 crore, surpassing the previous fiscal year’s profit of INR 24.36 crore in the same period.
As per the regulatory filing, Bikaji Foods International witnessed year-on-year (YoY) growth in total income during the fourth quarter (Q4) of FY23. Their total income for the period reached INR 466.84 crore, showing an increase from the INR 405.96 crore earned in the corresponding period of the previous fiscal year.
Deepak Agarwal, Managing Director, Bikaji Foods International said, “We had a strong fiscal year FY23 with strong double-digit value (up 22 per cent YoY) and volume growth (up 15 per cent YoY), the performance was broad based across business segments. In the current quarter, the downward trend in our key input materials and efficient pricing measures has amplified profitability with the healthy gross margin of 35.2% and EBITDA margin of 13.4%.”
Anticipating a continuation of its current momentum, Bikaji Foods International foresees another double-digit growth in its topline for the next fiscal year. The company also expects improvements in margins, driven by a superior mix of products, increased operating leverage, and effective cost management.
The ethnic snacks company attributed its consistent compound annual growth rate (CAGR) in revenue to its emphasis on expanding its network.
“We remain committed on strengthening our distribution network to achieve a deeper penetration across our core & focus markets. We aim to expand our footprint to 1.5 lakhs retail stores by FY24,” Agarwal said.
